1. Report Industry Investment Rating - No relevant content provided 2. Report's Core View - In the corn market, the good condition of US corn and the easing of Sino - US trade relations have raised concerns about long - term import pressure. In the domestic market, the sales of traders in the Northeast have slowed, some processing enterprises have tight inventories and strong restocking intentions, and the purchase price is relatively strong. In the North China and Huanghuai regions, the wheat harvest has reduced the market's circulating grain sources, and the purchase price of processing enterprises has been raised. Supported by the wheat purchase at the minimum price, the recent corn futures price has risen significantly, and short - term participation is recommended [2]. - In the corn starch market, due to the short - term supply shortage of raw corn in North China and continuous production losses of corn starch enterprises, the industry's operating rate has dropped to a new low this year. With reduced supply pressure and strong corn prices, the spot price of corn starch is relatively stable, and the industry inventory has slightly declined. The starch market has shown a strong and volatile trend following the corn market, and short - term participation is recommended [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Corn starch futures closing price (active contract) is 2710 yuan/ton, down 66 yuan; corn futures closing price (active contract) is 2372 yuan/ton, down 1 yuan; corn monthly spread (9 - 1) is 130 yuan/ton; corn starch monthly spread (7 - 9) is - 66 yuan/ton; the main contract CS - C spread is 380 yuan/ton, up 1 yuan [2]. - Futures positions: the positions of active contracts of yellow corn are 762,225 hands, down 61,720 hands; those of corn starch are 182,540 hands, down 7,636 hands. The net long positions of the top 20 futures holders of corn are - 128,870 hands, down 19,732 hands; those of corn starch are - 11,031 hands, down 603 hands [2]. - Registered warehouse receipts: there are 216,285 hands of yellow corn, down 210 hands; 24,237 hands of corn starch, unchanged [2]. 3.2 Outer - market - CBOT corn futures closing price (active contract) is 436.5 cents/bushel, down 2.5 cents; CBOT corn total positions (weekly) are 1,669,150 contracts, up 14,336 contracts; non - commercial net long positions of CBOT corn are - 81,059 contracts, down 60,726 contracts [2]. 3.3 Spot Market - The average spot price of corn is 2406.27 yuan/ton, up 5.09 yuan; the factory - quoted price of corn starch in Changchun is 2720 yuan/ton, unchanged; in Weifang is 2940 yuan/ton, unchanged; in Shijiazhuang is 2880 yuan/ton, unchanged [2]. - The flat - hatch price of corn in Jinzhou Port is 2390 yuan/ton, unchanged; the CIF price of imported corn is 1930.25 yuan/ton, up 2.44 yuan; the international freight of imported corn is unchanged [2]. - The basis of the corn main contract is 34.27 yuan, up 7.09 yuan; the basis of the corn starch main contract is 10 yuan, down 1 yuan; the spread between Shandong starch and corn (weekly) is 416 yuan, unchanged [2]. 3.4 Upstream Situation - The predicted sown area of corn in the US is 377.63 million hectares, unchanged; the predicted output is 126 million tons, unchanged; in Brazil, the sown area is 33.55 million hectares, unchanged, and the output is 22.3 million tons, unchanged; in Argentina, the sown area is 50 million hectares, unchanged, and the output is 6.4 million tons, unchanged; in China, the sown area is 294.92 million hectares, unchanged, and the output is 44.74 million tons, unchanged [2]. - The corn inventory in southern ports (weekly) is 26.8 million tons, unchanged; the deep - processed corn inventory (weekly) is 465.4 million tons, up 12.7 million tons; the corn inventory in northern ports (weekly) is 115 million tons, down 21.7 million tons [2]. 3.5 Industry Situation - The monthly import volume of corn is 18 million tons, up 10 million tons; the monthly export volume of corn starch is 23,720 tons, up 3,370 tons [2]. - The monthly output of feed is 2777.2 million tons, down 66.4 million tons; the processing profit of corn starch in Shandong is - 103 yuan/ton, up 11 yuan; in Hebei is - 71 yuan/ton, down 6 yuan; in Jilin is - 96 yuan/ton, up 1 yuan [2]. - The alcohol enterprise operating rate (weekly) is 49.92%, up 5.01%; the starch enterprise operating rate (weekly) is 48.71%, down 3.07% [2]. 3.6 Option Market - The 20 - day historical volatility of corn (daily) is 6.87%, down 0.19%; the 60 - day historical volatility is 7.46%, down 0.11% [2]. - The implied volatility of at - the - money call options of corn (daily) is 9.58%, down 0.98%; the implied volatility of at - the - money put options is 9.58%, down 0.98% [2]. 3.7 Industry News - ANEC predicts that the Brazilian corn export volume in June 2025 will increase to 923,400 tons, higher than the previous estimate but 6% lower than that in June last year [2]. - Analysts expect the ending inventory of US corn in the 2024/25 season to be adjusted down to 1.392 billion bushels, slightly lower than the USDA's May forecast [2]. - As of the week ending June 8, 2025, the good - to - excellent rate of US corn is 71%, higher than the market expectation [2].

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The supply of the pig market continues to put pressure on pig prices, but the decline in the first quarter was weaker than expected. The second quarter will continue to focus on supply pressure, and there is a risk of compression in pig prices and breeding profits [3][4]. - Policy support for the corn market is nearing its end, and in the fourth quarter, it will be tested whether downstream consumption can support prices [5]. - In the first quarter of 2025, the global oilseed and fat market first rose and then fell, with the domestic market outperforming the international market. The second quarter will continue to be troubled by trade uncertainties, and attention should be paid to changes in biodiesel policies [7]. 3. Summaries According to the Table of Contents First Part: Factors Affecting the Pig Market in the Second Quarter - Pig prices in the first quarter were stronger than expected, but supply pressure still exists. The terminal demand entered the off - season after the Spring Festival, and pig prices oscillated at a low level [3][4]. - Affected by the change in the mentality of the breeding side, the price of piglets first rose, then fell, and then rose again in the first quarter [3]. - The inventory of breeding sows decreased for two consecutive months. If this trend continues, the supply pressure in the second half of the year will be substantially improved [3]. - In the first quarter, the slaughter weight of pigs first decreased and then increased. The import volume of pork decreased as domestic pig prices were at a low level [3][4]. - The breeding profit of self - breeding and self - raising decreased, while that of purchasing piglets increased. The slaughter opening rate was higher than the same period last year, but it was not driven by the increase in terminal demand [4]. - In the futures market, pig prices stabilized and rebounded in the first quarter. In the second quarter, the supply pressure of increased inventory will continue to affect spot pig prices and long - term trading sentiment [4]. Second Part: Analysis of Factors Affecting the Corn Market - From January to March, the prices of US wheat and corn first rose and then fell. Affected by weather, policy, and other factors, the CBOT grain futures prices declined jointly [5]. - The spot price of domestic corn rose with the futures price. By the end of March, the average domestic corn spot price increased by 163 yuan/ton compared with the beginning of January. After mid - March, due to multiple negative factors, the futures and spot prices of corn fell back [5]. - The 5 - month contract of corn oscillated repeatedly at the 2300 - yuan integer mark, and the market was worried about the lack of upward space in the future. Pay attention to the price performance of the 5 - month corn futures price at the previous support level of 2260 [6]. - The supply of new - season corn is expected to increase, and the inventory in the quarterly report at the end of March decreased by 2.4% compared with the same period. The ratio of US soybeans to corn is at a low level, which is conducive to the expansion of corn planting area [15][29][39]. - Affected by policies and other factors, the import of corn and its substitutes decreased in 2025, which increased the consumption of domestic corn. In the second quarter, the problem of limited supply of imported corn and substitutes will still appear periodically [52]. - In early April, the average price of wheat in the main producing areas decreased. The price of wheat followed the rise of corn in March and continued to oscillate weakly in April. The supply of wheat was relatively abundant, and the downstream demand was weak [55]. - In mid - April, the operating rate of the corn starch industry decreased, and the processing in Shandong was in a state of loss. The contradiction in the starch market was prominent, and the support from the demand side was insufficient [56]. Third Part: Analysis of Factors Affecting the Soybean Meal Market - The global oilseed and fat trade pattern has changed. Brazil supplies soybeans to China, the EU, etc., the US supplies soybeans to other regions, and Canadian rapeseed competes for the US soybean market [105]. - China's pig industry has strong demand for replenishment, which increases the demand for feed. The price is strong in stages, and the supply pressure is postponed [112]. - From January to February 2025, the feed output increased year - on - year, and the consumption of soybean meal also increased [116]. - The inventory of soybeans in China showed an inflection point in April, but the soybean procurement of oil mills from June to September was slow [119]. - The spot basis of soybean meal weakened, and the inter - month spread changed from backwardation to contango [121]. Fourth Part: Outlook for the Future Market - In the second quarter, pay attention to tariffs and weather for the US corn market. The policy support of CGC is nearing its end, and it will be tested whether downstream demand can accept high - priced raw materials [66][68]. - Russia's corn production has decreased, and the toxin content in domestic corn is high. The CBOT corn has emerged from the trough. In the future, Sino - US relations will determine the country of import and the rhythm [70]. - In the first quarter, the price of US corn rebounded to the profit range. The market expects an increase in the sown area of new - season corn, and the area will be confirmed in June [77]. - In the first quarter, the spot price of corn rebounded, and the futures price followed. The basis of the 3 - month and 5 - month contracts returned to normal. In the second quarter, the market will speculate on the sowing and cost changes of new - season grain [84]. - In 2024, the cost of corn planting decreased by 15 - 20%. The market expects the cost of corn planting in the new year to decrease by 100 - 150 yuan/ton [90]. - The by - products of starch rose and fell alternately. In 2024, the spread between starch and corn mainly widened. In 2025, pay attention to starch exports and the substitution of tapioca starch [97]. - In 2024, the supply of corn exceeded demand, and the price declined all the way. In 2025, it remains to be seen whether the strengthening of supply and demand can drive the price to rise continuously [102].